This isn't the first time we've seen this. Yet the public utterances of the SEC's Mary Schapiro continue to promote the fiction that naked shorting is a major menace that's worth precious SEC bucks. It isn't.

Of course, she could be crazy like a fox, and only making the public statements to keep the loonies (relatively) quiet while the SEC does real work.

Are you kidding!!!???!!! Just see the new movie "Stock Shock" if you have any question about naked short selling. Geeeez! $1 stolen from American investors makes this an important issue, and as "Stock Shock" shows, BILLIONS have been stripped from regular investors. Amazon has the DVD--see it!

Oh man, how did I miss this? Universal Express! Seems like just weeks ago they were standing shoulder to shoulder with Byrne against the Sith Lords, fighting the good fight. Can't help but recall this classic jeremiad from Altomare back in the day:

For lack of a nail the shoe was lostFor lack of the shoe the horse was lostFor lack of the horse the rider was lostFor lack of the rider the message was lostFor lack of the message the battle was lostFor lack of the battle the war was lostFor the lack of the war the country was lostThe country was lost because of that nail.That nail, my friends is Naked Short Selling.

You are right, it is indeed a tragicomedy that the SEC continues to lend these people any credence.

Here's some more naked short news: a law firm for ATSI that sued Knight Capital Markets (a market maker with the symbol NITE), alleging naked short selling, was forced to pay court costs after the judge found the case to completely lack merit.